Silicone Market Overview in South Korea
In value terms, silicone production stood at $96M in 2010 estimated in export prices. Over the period under review, silicone production, however, continues to indicate an extraordinary expansion. The most prominent rate of growth was recorded in 2008 when production volume increased by 524% year-to-year. Over the period under review, silicone production reached its peak figure level in 2010 and is expected to retain its growth in the immediate term.
The revenue of the silicone market in South Korea amounted to $230M in 2010, increasing by 11% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +6.1% over the period from 2007 to 2010; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2010 with an increase of 11% year-to-year. In that year, the silicone market attained its peak level and is likely to continue its growth in the immediate term.